To qualify for a
full status
Spanish mortgage you need to be able to provide “to the
bank’s satisfaction” documentation that confirms your income and
expenditure. A bank does not have to accept your application, they have the
right refuse to offer you a mortgage and if they are not satisfied with the
documentation submitted with the application they will decline the application.
Typically in Spain for a full status mortgage application you will need to provide
Tax returns, P60, and for the self-employed or business owner 3 years certified
accounts. All full status applicants should also provide bank statements and
details of any credit cards and any other monthly commitments like loans or
other mortgages. The bank will then do some simple sums, they add up you
gross income and deduct your monthly commitments and an amount for cost of
living. The net amount should be sufficient for you to be able to cover your new
mortgage and leave some safety margin. Some of the banks will also do a UK
credit search to find out if you have any bad debts and to verify the monthly
liabilities you have declared on your application, some banks do not do a UK
credit check. This is when a good local mortgage broker can be useful; as they
should be familiar with the kind of checks made by the different banks.
If you have any questions or would like a
mortgage quote we will be pleased to help. Please contact us using the following
form Spanish
Mortgages Enquiry
For Spanish mortgages
contact Olg mortgage specialists.For Information on a mortgage in Spain click
the following link: Spanish Mortgages Spain100 % Mortgage rates from just 3.9%
